BTC Back Online

Oil supplies are once again flowing through the Baku-Tbilisi-Ceyhan pipeline, according to a statement by major British shareholder BP on August 25. The BTC route - which carries over 1% of world oil supply when operating at full capacity - had been closed since August 5 following a terrorist attack on the pipeline in eastern Turkey, and there had been speculation of further disruption owing to the conflict in Georgia. Shareholders had declared force majeure on exports from Ceyhan, freeing them from contractual obligations, so the reopening of the route bodes well for the stability of global oil

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